It's really more procrastination/not being able to settle on a card than a fear of getting denied (I made a post about getting an EveryDay card
over a month ago if you're interested.)
I would like to rack up some points for a trip I'm planning in a couple of years. I'm torn between the EveryDay and the Blue Sky at this point. I make over 20 swipes a month easily, but would like to keep showing Discover some love as they have been good to me and I couldn't be happier with them. I wish I knew how beneficial using MR points with travel partners was and how easy it is to get a good value for your points.
The Blue Sky seems much simpler, especially since I am not a frequent traveler. You just make the arrangements as you see best fit, and get statement credits without worrying about point conversions and a hundred other considerations. Depending on how beneficial you can make MR points for you, the Blue Sky might even get a better return on rewards. 7,500 points can be redeemed for $100 in statement credits (so 1.33% back). Even assuming 1.2X MR points on everything, this may be less. I know people can get over $.01 per point, but - not being a cardmember - I don't know how this works or how easy that is.
The value of MR points varies so widely because the offerings available within different frequent flyer programs vary widely. Two different flights might each cost a fixed 25,000 points, for example, but the cash price of one might be $200 and another may be $600. So while all the MR transfer partners let you convert 1 MR point into one airline point, what one airline point will actually buy when you want to go from A to B on day C just differs so much. You might find that paying cash and saving your points is a better way to go.
For your upcoming trip, try to figure out which airline(s) you'll be using. If they aren't MR transfer partners, MR points won't do much good. I fly US Airways mostly, when I do fly, and they aren't in the program.
You might also read:http://creditcardforum.com/rewards/10370-any-good-frequent-flyer-programs.html
You can also look at the Arrival or Arrival+. I'm planning on just getting the no-AF version, since so much of my spending can get 5% cash back. And if you do put a lot of spending on an Amex and get good value of MR points (1.5 to 2 cents or more), the EDP's annual fee can easily be worth it.